UVXY vs. EDGE

Last updated Jun 4, 2026

UVXY (ProShares Ultra VIX Short-Term Futures ETF) and EDGE (MRBL Enhanced Equity ETF) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while EDGE is a Derivative Income fund actively managed by MRBL. UVXY is passively managed, while EDGE is actively managed. Over the past year, UVXY returned -72.91% vs 28.99% for EDGE. At a correlation of -0.81, they often move in opposite directions. UVXY charges 0.95%/yr vs 0.74%/yr for EDGE.

Performance

UVXY vs. EDGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra VIX Short-Term Futures ETF (UVXY) and MRBL Enhanced Equity ETF (EDGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UVXY achieves a -19.06% return, which is significantly lower than EDGE's 9.19% return.

UVXY

• 1D: -0.24%
• 1M: -22.10%
• YTD: -19.06%
• 6M: -37.37%
• 1Y: -72.91%
• 3Y*: -64.55%
• 5Y*: -67.90%
• 10Y*: -72.67%

EDGE

• 1D: -0.24%
• 1M: 3.49%
• YTD: 9.19%
• 6M: 10.97%
• 1Y: 28.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UVXY vs. EDGE - Yearly Performance Comparison

	2026 (YTD)	2025
UVXY ProShares Ultra VIX Short-Term Futures ETF	-19.06%	-61.20%
EDGE MRBL Enhanced Equity ETF	9.19%	13.16%

Correlation

The correlation between UVXY and EDGE is -0.79, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.79
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	-0.81

The correlation between UVXY and EDGE has been stable across timeframes, ranging from -0.81 to -0.79 - a consistent structural relationship.

Return for Risk

UVXY vs. EDGE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 2

EDGE

EDGE Risk / Return Rank: 80
EDGE Sharpe Ratio Rank: 81
EDGE Sortino Ratio Rank: 80
EDGE Omega Ratio Rank: 86
EDGE Calmar Ratio Rank: 66
EDGE Martin Ratio Rank: 85

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UVXY vs. EDGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and MRBL Enhanced Equity ETF (EDGE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	UVXY	EDGE	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	2.58	-3.45
Sortino ratio: Return per unit of downside risk	-1.60	3.55	-5.15
Omega ratio: Gain probability vs. loss probability	0.82	1.53	-0.71
Calmar ratio: Return relative to maximum drawdown	-0.97	3.23	-4.20
Martin ratio: Return relative to average drawdown	-1.31	17.20	-18.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UVXY vs. EDGE - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.87, which is lower than the EDGE Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of UVXY and EDGE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UVXY	EDGE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	2.58	-3.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	1.06	-1.74

Drawdowns

UVXY vs. EDGE - Drawdown Comparison

The maximum UVXY drawdown since its inception was -100.00%, which is greater than EDGE's maximum drawdown of -20.66%. Use the drawdown chart below to compare losses from any high point for UVXY and EDGE.

Drawdown Indicators

	UVXY	EDGE	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-20.66%	-79.34%
Max Drawdown (1Y) Largest decline over 1 year	-75.22%	-9.01%	-66.21%
Max Drawdown (3Y) Largest decline over 3 years	-95.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	-0.24%	-99.76%
Average Drawdown Average peak-to-trough decline	-98.55%	-2.85%	-95.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.63%	1.69%	+53.94%

Volatility

UVXY vs. EDGE - Volatility Comparison

ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 11.77% compared to MRBL Enhanced Equity ETF (EDGE) at 1.80%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than EDGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVXY	EDGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.77%	1.80%	+9.97%
Volatility (6M) Calculated over the trailing 6-month period	62.64%	9.08%	+53.56%
Volatility (1Y) Calculated over the trailing 1-year period	84.42%	11.28%	+73.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.85%	15.95%	+87.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	113.82%	15.95%	+97.87%

UVXY vs. EDGE - Expense Ratio Comparison

UVXY has a 0.95% expense ratio, which is higher than EDGE's 0.74% expense ratio.

Dividends

UVXY vs. EDGE - Dividend Comparison

Neither UVXY nor EDGE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UVXY and EDGE in my portfolio?

UVXY and EDGE have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UVXY or EDGE?

UVXY has higher volatility (11.77%) compared to EDGE (1.80%). In terms of maximum drawdown, UVXY dropped -100.00% vs EDGE's -20.66%.

Which ETF is better, UVXY or EDGE?

On 1-year performance, EDGE leads with 28.99% vs -72.91% for UVXY. On fees, EDGE is cheaper at 0.74% per year. On volatility, EDGE has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVXY or EDGE?

Over the 1-year period, EDGE has performed better with a 28.99% return vs -72.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVXY or EDGE?

EDGE is cheaper with a 0.74% expense ratio, compared with 0.95% for UVXY.

Which ETF pays a higher dividend yield, UVXY or EDGE?

UVXY and EDGE have nearly identical dividend yields, around 0.00%.

What is the main difference between UVXY and EDGE?

UVXY is categorized as Volatility, while EDGE is Derivative Income. They also come from different issuers: ProShares and MRBL. Their fees differ too: 0.95% for UVXY and 0.74% for EDGE.

Which has better risk-adjusted returns?

EDGE currently has the higher Sharpe Ratio (2.58 vs -0.87), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.